Disquiet as Xi unveils $1.3 bn megaport in Peru

ON the edge of Peru's coastal desert, a remote fishing town where a third of all residents have no running water is being transformed into a huge deep-water port to cash in on the inexorable rise of Chinese interest in resource-rich South America.

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The megaport of Chancay, a USD 1.3 billion project majority-owned by the Chinese shipping giant Cosco, is turning this outpost of bobbing fishing boats into an important node of the global economy.

From the presidential palace in Lima, 60 kilometers south of the port inauguration ceremony, China's President Xi Jinping watched a livestream of the ribbon-cutting alongside his Peruvian counterpart, Dina Boluarte, late Thursday.